PSI NJ REAL ESTATE EXAM QUESTIONS
AND ANSWERS VERIFIED STUDY GUIDE
QUESTIONS AND SOLUTIONS 2026
CORRECT ANSWERS GRADED A+
⩥ Dept. of Banking and Insurance. Answer: NJ Real Estate Commission
is under
⩥ Real Estate License Act Title 14 Chapter 15. Answer: Licenses
governed by?
⩥ Title 11, Chapter 5. Answer: Rules and regulations set up by the
Commission (Administrative Code)
⩥ Members of NJ Real Estate Commission. Answer: 8 total- 5 Brokers
for at least 10 yrs, 1 state gov, 2 chosen by general public. 10 yr term
⩥ 2 years. Answer: Term of a real estate license
⩥ by June 30th on odd years. Answer: When do you need to renew?
⩥ REALTOR. Answer: trademarked and members of private trade
association
,⩥ Activities of licensees. Answer: work performed in anticipation of fee
and or commission
⩥ under the supervision of hiring broker. Answer: Salesperson activities
must be
⩥ FSBO-attorneys, executors, trustees, etc-banks and trust cos-insurance
cos. Answer: Who doesn't need a license to
⩥ must be licensed, broker to broker. Answer: Payment for Services-
what's legal
⩥ Illegal. Answer: finders fess, sharing of commissions are
⩥ License qualifications-sales person. Answer: 18 years old, GED,
finger printing 75 hr course, SSN, pass exam are
⩥ Unlicensed Assistants. Answer: can not engage in any activity
involving selling or discussing property
⩥ License Qualifications for a Broker. Answer: same as a salesperson
plus-3 years as salesperson 150 hours - 90 general brokers instruction,
30 hr ethics, 30 hr off ice management
,⩥ Exceptions to license requirements. Answer: Honorably discharge
veteran- fees waives too
⩥ Time limit on Application for RE license. Answer: 1 year of the date
finish prelicense course
⩥ Death of Broker. Answer: temporary license of 3 years experience, 1
year to get broker license, find new broker, application must be made
with 30 days of event of
⩥ Continuing Education. Answer: 12 hours each 2 year period- must
include:6 hr core-2hr ethics, 4 electives and 6 elective
⩥ License fees for Salesperson. Answer: Initial-$100-license, $50
admin, $10 guaranty fund Renewal-$100
⩥ Guaranty Fund. Answer: Used to reimburse public who suffer
monetary damages due to wrongdoings in real estate transaction by
licensee
⩥ Licensing Procedure. Answer: 75 hr course completion successfully,
submit score report to REC, complete finger printing and consent to
criminal history check
, ⩥ Claim against licensee paid. Answer: license is revoked until the fund
is reimbursed
⩥ Interstate property. Answer: out of state land sold to NJ residents-
Governed by Real Estate Sales Full Disclosure Act
⩥ Bureau of Subdivided Land Sales Control. Answer: Prior approval for
out of state land sold in NJ by the?
⩥ 7 Days. Answer: Cancellation period for out of state land?
⩥ Developers need. Answer: Approval by NJ, advertisements and
contracts must stay in same language as
⩥ Any fee over $25. Answer: Escrow required for?
⩥ Nj exam fee. Answer: $47
⩥ Who needs a license. Answer: Anyone who receives consideration for
taking part in RE transactions
⩥ void after 2 years. Answer: failure to renew a license may result it
AND ANSWERS VERIFIED STUDY GUIDE
QUESTIONS AND SOLUTIONS 2026
CORRECT ANSWERS GRADED A+
⩥ Dept. of Banking and Insurance. Answer: NJ Real Estate Commission
is under
⩥ Real Estate License Act Title 14 Chapter 15. Answer: Licenses
governed by?
⩥ Title 11, Chapter 5. Answer: Rules and regulations set up by the
Commission (Administrative Code)
⩥ Members of NJ Real Estate Commission. Answer: 8 total- 5 Brokers
for at least 10 yrs, 1 state gov, 2 chosen by general public. 10 yr term
⩥ 2 years. Answer: Term of a real estate license
⩥ by June 30th on odd years. Answer: When do you need to renew?
⩥ REALTOR. Answer: trademarked and members of private trade
association
,⩥ Activities of licensees. Answer: work performed in anticipation of fee
and or commission
⩥ under the supervision of hiring broker. Answer: Salesperson activities
must be
⩥ FSBO-attorneys, executors, trustees, etc-banks and trust cos-insurance
cos. Answer: Who doesn't need a license to
⩥ must be licensed, broker to broker. Answer: Payment for Services-
what's legal
⩥ Illegal. Answer: finders fess, sharing of commissions are
⩥ License qualifications-sales person. Answer: 18 years old, GED,
finger printing 75 hr course, SSN, pass exam are
⩥ Unlicensed Assistants. Answer: can not engage in any activity
involving selling or discussing property
⩥ License Qualifications for a Broker. Answer: same as a salesperson
plus-3 years as salesperson 150 hours - 90 general brokers instruction,
30 hr ethics, 30 hr off ice management
,⩥ Exceptions to license requirements. Answer: Honorably discharge
veteran- fees waives too
⩥ Time limit on Application for RE license. Answer: 1 year of the date
finish prelicense course
⩥ Death of Broker. Answer: temporary license of 3 years experience, 1
year to get broker license, find new broker, application must be made
with 30 days of event of
⩥ Continuing Education. Answer: 12 hours each 2 year period- must
include:6 hr core-2hr ethics, 4 electives and 6 elective
⩥ License fees for Salesperson. Answer: Initial-$100-license, $50
admin, $10 guaranty fund Renewal-$100
⩥ Guaranty Fund. Answer: Used to reimburse public who suffer
monetary damages due to wrongdoings in real estate transaction by
licensee
⩥ Licensing Procedure. Answer: 75 hr course completion successfully,
submit score report to REC, complete finger printing and consent to
criminal history check
, ⩥ Claim against licensee paid. Answer: license is revoked until the fund
is reimbursed
⩥ Interstate property. Answer: out of state land sold to NJ residents-
Governed by Real Estate Sales Full Disclosure Act
⩥ Bureau of Subdivided Land Sales Control. Answer: Prior approval for
out of state land sold in NJ by the?
⩥ 7 Days. Answer: Cancellation period for out of state land?
⩥ Developers need. Answer: Approval by NJ, advertisements and
contracts must stay in same language as
⩥ Any fee over $25. Answer: Escrow required for?
⩥ Nj exam fee. Answer: $47
⩥ Who needs a license. Answer: Anyone who receives consideration for
taking part in RE transactions
⩥ void after 2 years. Answer: failure to renew a license may result it
